If these allegations are true, and maybe they aren’t, this is
simply the worst behavior in finance by a large firm I have ever
seen. I taught securities law for six years. I wrote about
financial fraud for Barron’s and the New York Times for many
years.

I have never seen such a blatant disregard for ethics, and
possibly the law, by a large Wall Street firm as is alleged in
this case. I wrote about wrongdoing by Drexel Burnham Lambert Inc. in the 1980s and
helped bring it to justice and then helped taxpayers recover
money the firm had stolen. I never saw at Drexel the level of
outright contempt for law that Goldman’s
Fabrice Tourre and his colleagues showed in this case...